SASKATOON, SK, July 15,
2022 /CNW/ - IsoEnergy Ltd. ("IsoEnergy" or
the "Company") (TSXV: ISO) (OTCQX: ISENF) is pleased to
provide an update on its winter exploration results and to announce
its summer 2022 exploration plans for its eastern Athabasca Basin uranium properties (Figure
1).
Winter Assay Results and
Geophysical Surveys Update
Larocque
East Project
Chemical assays are summarized in Table 1 for the final two
drill holes which intersected radioactivity >500 CPS during the
winter of 2022. At the Hurricane zone, LE22-115A targeted the
unconformity 75m west of LE21-101 and
intersected 2.0m averaging 1.0%
U3O8 between 335.0m and 337.0m
which includes a 0.5m subinterval
averaging 3.3% U3O8 from 335.5 to
336.0m. Approximately 3.8km to the
east-northeast, LE22-116 intersected 0.5m averaging 0.4% U3O8
from 282.0m to 282.5m. Neither result is considered to warrant
direct follow-up at this time. Figures 3 and 4 show the locations
of LE22-116 and LE22-115A, respectively.
Table 1 –
Larocque East Winter 2022 Assay
Results
Hole-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Radioactivity1 (CPS)
|
Chemical
Assays
|
Orientation
(Azm / Dip)
|
Hole Length
(m)
|
U3O8
(%)
|
Ni
(%)
|
LE22-115A2
|
335.0
|
337.0
|
2.0
|
>500
|
1.0
|
0.1
|
180/-80
|
434.0
|
incl.
|
335.5
|
336.0
|
0.5
|
>5,000
|
3.3
|
0.0
|
|
|
LE22-1162
|
282.0
|
282.5
|
0.5
|
>500
|
0.4
|
0.0
|
345/-60
|
432.5
|
Notes:
- Radioactivity is total gamma from drill core measured with an
RS-125 hand-held spectrometer
- Radioactivity previously disclosed
Hawk
Project
Electromagnetic surveying completed at Hawk during the winter of
2022 advanced the project to a drill-ready state. With multiple
conductive responses mapped on each of six survey lines, the winter
work generated a drill target inventory that exceeded IsoEnergy's
expectations. The Hawk project
contains over 10km of prospective magnetic low zones hosting
conductors with depths to the unconformity expected to be between
600m and 750m. The single historical drill hole completed
within the project failed to intersect conductive basement,
indicating that none of the prospective stratigraphy has been
effectively tested. A first pass drilling campaign to follow up the
2022 results is planned for 2023. Figure 5 shows the Hawk survey area and interpreted
results.
Ranger
Project
As at Hawk, electromagnetic surveying completed at Ranger during
winter 2022 advanced the project to a drill-ready state. The winter
survey work mapped weakly to moderately conductive trends in two
areas. The northwestern conductive trends are associated with
magnetic breaks and are completely untested by drilling within the
project. The southern conductive trends are associated with a
magnetic break and the projection of the Bird Lake Fault, a
significant post-Athabasca
structure which has a vertical offset of up to 80m. The depth to the unconformity in the survey
area is expected to between 230 and 300m. A first pass drilling campaign to follow up
the 2022 results in planned for 2023. Figure 6 shows the Ranger
winter 2022 survey results.
Summer Exploration Plans
Highlights:
- Diamond drilling at Larocque East, Geiger, and Trident
totalling 7000m
- Airborne geophysical surveying at Evergreen, Spruce, East Rim,
Edge, and Full Moon
Tim Gabruch, President and Chief
Executive Officer commented: "As we move towards an initial Mineral
Resource Estimate for Hurricane and plan the next stage of
advancement on that project, we will continue to advance
exploration on the eastern side of our Larocque East property and
in parallel focus on additional properties in our high-quality
exploration portfolio."
Andy Carmichael, Vice President
of Exploration commented: "The second half of 2022 will see
IsoEnergy explore eight projects spread throughout the eastern
Athabasca region. We are excited
to resume drilling at Larocque East and Geiger, and initial
reconnaissance drilling at Trident will provide valuable geological
information on this underexplored project which is immediately
adjacent to the Athabasca Basin.
Additionally, an extensive program of airborne surveying will move
several of our early-stage projects toward drill-readiness."
Diamond
Drilling:
Larocque
East Project
Drilling at Larocque East will comprise six drill holes
totalling 2000m. The main objectives
of the drilling are to continue exploring the Larocque Lake
conductive trend and to assess the prospectivity of the Kernaghan
trend. Drilling on the Larocque Lake trend will follow-up strongly
anomalous geochemistry within two kilometres along strike of the
Hurricane zone and test high-priority geophysical targets in the
eastern portion of the project. On the Kernaghan trend, where
historical drilling identified over 40m of unconformity topography associated with
anomalous geochemistry in the Athabasca sandstones, drilling will test for
significant basement structures which would warrant follow-up.
Figure 3 shows the general target areas for Larocque East
drilling.
Geiger
Project
Eight holes totalling 3000m are
planned at Geiger. Drilling will follow-up winter 2022 geophysical
results in the Q23 and Q48 areas where electromagnetic (EM)
surveying mapped more than 35km of conductor strike. The objective
of the summer 2022 Geiger drilling is to assess these areas for the
presence of significant structures which would warrant additional
follow-up. The depth to the unconformity in the two target areas is
approximately 250 to 275m. Figure 7
shows the planned drilling areas and winter 2022 geophysical survey
results.
Trident
Project
Drilling planned at Trident comprises eight drill holes
totalling 2000m. Four target areas at
Trident identified by IsoEnergy are characterized by the presence
of electromagnetic (EM) conductors hosted within zones of low
magnetic susceptibility which are not covered by large waterbodies.
As at Larocque East and Geiger, the primary objective of drilling
is to assess the target areas for the presence of favourable
basement structures which would warrant further exploration. Figure
8 shows the Trident 2022 drilling target areas.
Airborne Geophysical
Surveying:
Xcalibur Multiphysics has been engaged to conduct multiparameter
airborne geophysical surveying at IsoEnergy's early-stage
Evergreen, Spruce, East Rim, Edge and Full Moon projects. The
survey will employ Xcalibur's FALCON® Airborne Gravity
Gradiometry system to acquire high-resolution gravity, magnetic,
and radiometric (spectrometry) datasets. Gravity and magnetic data
will improve the property-wide understanding of basement geology
and assist in the identification of potential alteration zones,
while radiometry aims to locate anomalous radioactivity related to
near-surface showings and radioactive boulder trains such as those
that led to the discovery of several notable uranium deposits
including Triple R and Key Lake. Survey work commenced on
June 29th and is expected to be
completed in mid-July. Project locations are shown on Figure 1.
The Larocque East Property and the
Hurricane Zone
The 100% owned Larocque East property consists of 33 mineral
claims totaling 16,780ha. Two of the project's claims distal to the
Hurricane zone are subject to a 2% Net Smelter Returns Royalty of
which 1% may be bought back for $1
million at IsoEnergy's discretion. Larocque East is
immediately adjacent to the north end of IsoEnergy's Geiger
property and is 35km northwest of Orano Canada's McClean Lake uranium mine and mill.
Along with other target areas, the Larocque East Property covers
a 15-kilometre-long northeast extension of the Larocque Lake
conductor system; a trend of graphitic metasedimentary basement
rocks that is associated with significant uranium mineralization at
the Hurricane zone, and in several occurrences on Cameco Corp. and
Orano Canada Inc.'s neighbouring property to the southwest of
Larocque East. The Hurricane zone was discovered in July 2018 and was followed up with 29 drill holes
in 2019, 48 drill holes in 2020, 16 drill holes in 2021, and five
drill holes during winter 2022. Dimensions are currently
375m along-strike, up to 125m wide, and up to 12m thick. The zone is open for expansion
along-strike to the north and south on some sections.
Mineralization is polymetallic and commonly straddles the
sub-Athabasca unconformity
325m below surface. The best
intersection to date is 38.8% U3O8 over
7.5m in drill hole LE20-76. Drilling
at Cameco Corp.'s Larocque Lake zone on the neighbouring property
to the southwest has returned historical intersections of up to
29.9% U3O8 over 7.0m in drill hole Q22-040. Like the nearby
Geiger property, Larocque East is located adjacent to the
Wollaston-Mudjatik transition zone - a major crustal suture related
to most of the uranium deposits in the eastern Athabasca Basin. Importantly, the sandstone
cover on the Property is thin, ranging between 140m and 450m in
previous drilling.
Qualified Person
Statement
The scientific and technical information contained in this news
release was prepared by Andy
Carmichael, P.Geo., IsoEnergy's Vice President, Exploration,
who is a "Qualified Person" (as defined in NI 43-101
– Standards of Disclosure for Mineral Projects). Mr.
Carmichael has verified the data disclosed. All radioactivity
measurements reported herein are total gamma from an RS-125
hand-held spectrometer. As mineralized drill holes at the Hurricane
zone are oriented very steeply (-70 to -90 degrees) into a zone of
mineralization that is interpreted to be horizontal, the true
thickness of the intersections is expected to be greater than or
equal to 90% of the core lengths. This news release refers to
properties other than those in which the Company has an interest.
Mineralization on those other properties is not necessarily
indicative of mineralization on the Company's properties. All
chemical analyses are completed for the Company by SRC
Geoanalytical Laboratories in Saskatoon,
SK. For additional information regarding the Company's
Larocque East Project, including its quality assurance and quality
control procedures, please see the Technical Report dated effective
May 15, 2019, on the Company's
profile at www.sedar.com.
About IsoEnergy
IsoEnergy is a well-funded uranium exploration and development
company with a portfolio of prospective projects in the eastern
Athabasca Basin in Saskatchewan, Canada. The Company recently
discovered the high-grade Hurricane Zone of uranium mineralization
on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a
Board and Management team with a track record of success in uranium
exploration, development, and operations. The Company was founded
and is supported by the team at its major shareholder, NexGen
Energy Ltd.
www.isoenergy.ca
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that general business and economic conditions will not change in a
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required to conduct the Company's planned exploration activities
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Although the assumptions made by the Company in providing
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are considered reasonable by management at the time, there can be
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Forward-looking information and statements also involve known
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and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, the limited
operating history of the Company, the influence of a large
shareholder, alternative sources of energy and uranium
prices, aboriginal title and consultation issues, reliance on key
management and other personnel, actual results of exploration
activities being different than anticipated, changes in exploration
programs based upon results, availability of third party
contractors, availability of equipment and supplies, failure of
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and other natural phenomena and other risks associated with the
mineral exploration industry, environmental risks, changes in laws
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Although the Company has attempted to identify important
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forward-looking information, there may be other factors that cause
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could differ materially from those anticipated, estimated or
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forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
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required by applicable securities laws
SOURCE IsoEnergy Ltd.